By Ollie H - Cryptocurrency Broker - 27-07-2021
ZKSwap, a widely known decentralizedcrypto exchange, has officially stated that they are releasing the v2 mainnet, powered on the Layer-one Ethereum platform. This will be implemented on Wednesday, and introduce such updates as limitless token listings and faster withdrawal times. A layer-two launch on Binance Smart Chain, Huobi Eco Chain, and OKEx Chain is scheduled for a later date.
The network’s upgrade will deploy multiple improvements for third-party platforms who seek to list their tokens for exchange. Some of these updates include limitless token listings and trading pairs.
The update will reduce cross-layer withdrawal periods from 40 minutes to twenty minutes. This will enable users to pay network withdrawal fees via a growing range of tokens, including Ether (ETH), Tether (USDT), and the native ZKS ERC-20 token.
The company stated that ZKSwap v2 would be ready for mainstream adoption, allowing listed enterprises to maneuver liquidity across blockchains as they see fit. In terms of scalability, transactions are performed on layer two to scale back wait times and charges. Consequently, the initiative claims that users are going to be able to conduct gas-free transfers daily up to a particular limit.
The crypto exchange platform also plans to undertake a campaign at launch to confirm that liquidity providers have a smooth transition.
ZKSwap raised nearly $1.7 billion in six months after debuting in February 2020. Its users are compensated within the platform's ZKS token, which is currently utilised in blockchain governance. ZKSwap also makes use of a spread of consensus approaches, including proof-of-stake, proof-of-transfer, and proof-of-ZK-snarks.
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